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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Internal Controls and Fraud Prevention | 25% | - Fraud detection and prevention controls - Internal control design and effectiveness |
| Topic 2: Corporate Governance and Ethics | 25% | - Code of conduct and compliance programs - Ethical culture and tone at the top |
| Topic 3: Fraud Risk Management and Deterrence | 25% | - Fraud prevention strategies and programs - Monitoring and continuous improvement |
| Topic 4: Fraud Prevention Framework | 25% | - Fraud risk governance and oversight - Fraud risk assessment processes |
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NEW QUESTION # 92
A company implements mandatory job rotation within its accounting department. What fraud risk benefit does this provide?
Answer: D
Explanation:
Many fraud schemes require continuous control by the perpetrator. Job rotation introduces fresh oversight and increases the chance that unusual transactions, missing documentation, or manipulated records will be discovered.
NEW QUESTION # 93
Benjamin, a Certified Fraud Examiner (CFE). was contacted regarding an engagement to investigate a complex money laundering case spanning numerous international jurisdictions and involving multiple cutting-edge technologies. Benjamin had previously attended a seminar on investigating money laundering schemes, but he had no other training or experience in such cases. However, he accepted the engagement and chose to conduct the work himself.
Benjamin's conduct would likely be a violation of the ACFE Code of Professional Ethics.
Answer: A
Explanation:
Understanding the ACFE Code of Professional Ethics:The ACFE Code of Professional Ethics requires Certified Fraud Examiners to demonstrate competence and due care in their professional services.
Specifically:
Rule 2 states that CFEs must "perform all professional engagements with due diligence." Rule 4 emphasizes that CFEs must "avoid conduct that discredits the profession or the Association." Competence and Due Care:
Benjamin, despite his attendance at a seminar on money laundering, lacks the requisite expertise or experience in investigating complex money laundering cases. Accepting an engagement of this nature without possessing adequate training, knowledge, or resources indicates a failure to exercise due care.
The Code emphasizes the importance of competence, meaning professionals must decline engagements that exceed their expertise unless they involve qualified individuals or teams.
Violation Assessment:
By choosing to conduct the investigation alone, Benjamin disregards the ethical requirement to ensure competence and quality in professional work. This likely jeopardizes the investigation's integrity and results.
This conduct could lead to suboptimal outcomes, legal liabilities, and reputational harm, which discredit the profession, violating the ACFE ethical framework.
Conclusion: Benjamin's decision is a breach of the ACFE Code of Professional Ethics because he failed to ensure adequate preparation, skills, and resources for the engagement.
NEW QUESTION # 94
Which of the following is a best practice when assembling a fraud risk assessment team?
Answer: A
NEW QUESTION # 95
Aaron, a government auditor, is conducting a financial statement audit of a public-sector entity in accordance with the International Standards of Supreme Audit Institutions. Which of the following is TRUE regarding Aaron's consideration of fraud during this engagement?
Answer: D
Explanation:
Government auditors typically cannot unilaterally withdraw from an audit engagement, even in cases where fraud is identified. Public-sector audits often follow mandates from higher authorities or statutes that require the auditor to continue and report findings to oversight bodies.
Additionally, fraud and abuse (including misconduct and misuse of assets) are relevant to government audits under ISSAIs, contrary to A and B. Option D is incorrect because public-sector audit objectives are often broader, encompassing compliance, performance, and integrity aspects.
NEW QUESTION # 96
Which of the following statements is TRUE according to rational choice theory?
Answer: C
Explanation:
Rational choice theory posits that crime is a deliberate and rational decision made by individuals who weigh the costs and benefits of their actions. Perpetrators commit crimes when they believe the potential benefits outweigh the risks. This theory also supports deterrence measures that increase the perceived risks or reduce the benefits of committing crimes, thereby discouraging rational actors from engaging in fraudulent behavior.
NEW QUESTION # 97
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